. >>> president obama faces a full agenda as he returns from vacation. the president and first lady returned to washington today from hawai'i. among his top concerns nominations for secretary of defense, secretary of state and treasury as well as budget battles over delayed spendion cuts, government funding and the looming debt ceiling. mr. obama's inauguration is january 21st, followed by his annual state of union address congressional leaders are gear up with the debate over the debt ceiling. as elizabeth corridan tells us republicans want any increase tied to spending cuts. >> i believe we need to raise the debt ceiling, but if we don't without a plan we all should be fired. >> reporter: now lawmakers start a new session under pressure to avert another financial crisis. this time, over raising the debt ceiling. if an agreement is not reached by late february or early march the united states risks defaulting on its financial obligations and the altru will be on how much congress will agree to cut spending. >> the bottom line is that we can't continue d